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FRP Holdings, Inc. (NASDAQ: FRPH) Announces Results for the Second Quarter of 2017

JACKSONVILLE, Fla., Aug. 03, 2017 (GLOBE NEWSWIRE) -- FRP Holdings, Inc. (NASDAQ:FRPH) –

Second Quarter Consolidated Results of Operations.

Net income for the second quarter of 2017 was $1,713,000 or $.17 per share versus $774,000 or $.08 per share in the same period last year.  The increase is a result of a $2,000,000 environmental remediation expense during the same quarter last year offset by a $620,000 increase this year in equity in loss of joint ventures, primarily as a result of expenses and depreciation during the lease up of Phase I (Dock 79) of RiverFront.  Total revenues were $9,360,000, up 1.3%, versus the same period last year.  Consolidated total operating profit was up 102.7% as a result of the prior year’s $2,000,000 environmental remediation expense.

Second Quarter Segment Operating Results.

Asset Management Segment:

Total revenues in this segment were $7,194,000, up $267,000 or 3.9%, over the same period last year.  Net Operating Income (NOI) in this segment for the second quarter was $5,412,000, compared to $5,485,000 in the same period last year, a decrease of 1.3%.  That revenue increased while NOI decreased is primarily the result of an increase in reimbursable and non-reimbursable expenses.  The reimbursable expenses increased revenue without increasing NOI, and the non-reimbursable expenses did nothing for revenue and adversely affected NOI.  We ended the second quarter with total occupied square feet of 3,459,473 versus 3,319,891 at the end of the same period last year, an increase of 4.2% or 139,582 square feet.  Our overall occupancy rate was 86.8%.

Depreciation and amortization expense increased primarily because of the completion of a 79,550 square foot warehouse at Hollander Business Park in April 2016 and a 103,448 square foot warehouse at Patriot Business Center in April of 2017.

Mining Royalty Lands Segment:

Total revenues in this segment were $1,833,000, a decrease of 11%, versus $2,059,000 in the same period last year.  This drop is due to $179,000 decrease in royalties at our Manassas, Va. quarry, a $74,000 decrease in royalties at our Tyrone, Ga. location, as well as a $67,000 decrease in royalties at our Lake Sand, Fl. location. Royalties are down in Manassas because of Vulcan’s mining a portion of the quarry not owned by the Company for two months this quarter.  Vulcan should return to our portion for the remainder of the year.  Royalties were down in Tyrone compared to last year because of excessive rainfall. As stated last quarter, royalties have fallen off in Lake Sand as a consequence of Vulcan having fully depleted our proven reserves there.  Further capital expenditures would be required by our tenant to change their mining plan at Lake Sand and realize more than three million tons of possible reserves, which we do not anticipate any time soon.  Total operating profit in this segment was $1,673,000, a decrease of $215,000 versus $1,888,000 in the same period last year.

Land Development and Construction Segment:

The Land Development and Construction segment is responsible for (i) seeking out and identifying opportunistic purchases of income producing warehouse/office buildings, and (ii) developing our non-income producing properties into income production. 

With respect to ongoing projects:

  • Our new spec building at Patriot Business Center was placed in service this quarter in April and is currently 49.9% occupied and 83.0% leased.  It will be 100% leased and occupied in the third quarter
  • In February, the D.C. Zoning Commission voted 5-0 in favor of the Planned Unit Development (PUD) of Phase II of our RiverFront on the Anacostia project.  After formal publishing of the record and a 35 day appeal period we anticipate formal approval in the third quarter of this calendar year  
  • We are fully engaged in the formal process of seeking PUD entitlements for our 118 acre tract in Hampstead, Md

Finally, it has been nearly a year since we placed Dock 79 and its 305 residential units “in service.” As of June 30, the residential units were 88.20% occupied and 92.46% leased, while retail units remain 80.0% leased with just one space remaining.  The project is currently above pro forma in effective rents and leasing absorption with residential stabilization achieved in the third quarter of 2017.  However, because of operating losses and depreciation during the lease up of Phase I (Dock 79) of RiverFront on the Anacostia this quarter, equity in loss of joint ventures was $806,000 (including a loss of $10,000 in the Brooksville Joint Venture).

First Six Months Consolidated Results of Operations.

Net income for the first six months of 2017 was $3,156,000 or $.32 per share versus $2,594,000 or $.26 per share in the first six months last year.  The increase is a result of a prior year $2,000,000 remediation expense offset by a $1,305,000 increase this year in equity in loss of joint ventures, primarily as a result of expenses and depreciation during the lease up of Phase I (Dock 79) of RiverFront.  Total revenues were $18,682,000, down 0.9%, versus the first six months last year.  Consolidated total operating profit was up 35%.

First Six Months Segment Operating Results.

Asset Management Segment:

Total revenues in this segment were $14,479,000, down $22,000 or 0.2%, over the first six months last year.  The decrease in revenue is primarily due to lower snow removal reimbursements during the first quarter as a result of a milder 2017 winter. Given its nature as a reimbursement, snow removal is largely a pass through expense, and expenses were down a like amount.  Net Operating Income in this segment for the first six months of 2017 was $11,101,000, compared to $10,927,000 in the first six months of 2016, an increase of 1.6%.  

Depreciation and amortization expense increased primarily because of the purchase of the Gilroy Center in Baltimore County in July of 2016 and the completion of a 79,550 square foot warehouse at Hollander Business Park in April 2016 and a 103,448 square foot warehouse at Patriot Business Center in April of 2017.

Corporate expense increased due to a first quarter stock option modification expense of $191,000 and increased internal and external audit expense incurred as a result of the conversion from the previous fiscal year (ending September 30) to one that follows the calendar year.

Mining Royalty Lands Segment:

Total revenues in this segment were $3,595,000, a decrease of 6.3%, versus $3,837,000 in the first six months last year.  This drop is largely due to a $133,000 decrease in royalties at our Manassas, Va. location, a $130,000 decrease at our Tyrone, Ga. location, and a $156,000 decrease in royalties at our Lake Sand, Fl. location.  Royalties are down in Manassas because of Vulcan’s mining a portion of the quarry not owned by the Company for two months this past quarter.  Vulcan should return to our portion for the remainder of the year.  Royalties were down in Tyrone compared to last year because of excessive rainfall this past quarter.  As stated last quarter, royalties have fallen off in Lake Sand as a consequence of Vulcan having fully depleted our proven reserves there.  Further capital expenditures would be required by our tenant to change their mining plan at Lake Sand and realize more than three million tons of possible reserves, which we do not anticipate any time soon.  Total operating profit in this segment was $3,232,000, a decrease of $230,000 versus $3,462,000 in the first six months last year.

Land Development and Construction Segment:

The Land Development and Construction segment is responsible for (i) seeking out and identifying opportunistic purchases of income producing warehouse/office buildings, and (ii) developing our non-income producing properties into income production. 

With respect to ongoing projects:

  • Our new spec building at Patriot Business Center was placed in service this quarter in April and is currently 49.9% occupied and 83.0% leased.  It will be 100% leased and occupied in the third quarter
  • In February, the D.C. Zoning Commission voted 5-0 in favor of the Planned Unit Development (PUD) of Phase II of our RiverFront on the Anacostia project.  After formal publishing of the record and a 35 day appeal period we anticipate formal approval in the third quarter of this calendar year  
  • We are fully engaged in the formal process of seeking PUD entitlements for our 118 acre tract in Hampstead, Md
  • During the first quarter, we completed construction of the bulkhead at our 664E property on the Anacostia ahead of schedule and under budget. 

Finally, it has been nearly a year since we placed Dock 79 and its 305 residential units “in service.” As of June 30, the residential units were 88.20% occupied and 92.46% leased, while retail units remain 80.0% leased with just one space remaining.  The project is currently above pro forma in effective rents and leasing absorption with residential stabilization achieved in the third quarter of 2017.  However, because of operating losses and depreciation during the lease up of Phase I (Dock 79) of RiverFront on the Anacostia this quarter, equity in loss of joint ventures was $1,577,000 (including a loss of $19,000 in the Brooksville Joint Venture).

/EIN News/ -- Potential REIT Conversion

Whether through strategic acquisitions, organic growth, joint ventures, or putting our non-income producing land to work, our constant aim is to create and grow shareholder value.  To that end, we have for some time explored the possibility of converting this company into a Real Estate Investment Trust (REIT), with the idea that this may be a more efficient structure given the nature of our business.  Though no final decision has been made, in order to have the option to convert to a REIT in 2017, the board has already elected to change from our previous fiscal year (ending September 30), to a fiscal year that follows the calendar year as is required of a REIT.  This change went into effect January 1, 2017 and will require one-time additional auditing expenses of $120,000 which will be reflected in 2017.  Thus, this past quarter, and every quarter ended June 30 will now be the second quarter of our fiscal year.  Finally, consistent with having the option to elect REIT status, we have contributed our mining reserves into a wholly owned subsidiary.  Because the parent company still retains control of the land itself, the portion of the mining royalties’ income that is not attributable to the reserves, but instead more closely resembles ground rents, will be retained by the parent company and will qualify as “REIT-able” income.  The subsidiary will receive only the income attributable to the reserves it now controls.  This structure is intended to assure that we will meet the asset and income tests applicable to REITs. These preliminary steps will not have a material impact on our operations if the Company does not elect REIT status. 

Summary and Outlook 

As mentioned last quarter, we were informed by Vulcan Materials Company that Lee County issued Vulcan a Mine Operating Permit (MOP) for our section of their operations in Ft. Myers, the last of the permits required to begin mining this property.  This action is the culmination of over twenty years of work to get this property fully entitled and allows Vulcan to begin production immediately.  Vulcan has now begun mining at this location.  While production in our third quarter will be offset by prepaid royalties, going forward, Vulcan’s ability finally to realize the reserves at this site should positively impact revenue and income as it creates an opportunity to collect more than the minimums from this location. 

During the remainder of this year, we expect to reach residential stabilization of Phase I (Dock 79) of RiverFront on the Anacostia and continue pre-development activities for Phase II with the expectation that we will break ground in the last quarter of this year or the first quarter of 2018.  Our biggest decision this year will be whether or not to convert this company into a Real Estate Investment Trust.  As mentioned previously, we have taken steps to ensure that we at least have the option.  Any changes in the federal tax code will factor into our analysis of the costs and benefits of REIT status.

Subsequent Events

The occupancy of the residential units of our Riverfront Holdings I, LLC joint venture exceeded 90% in July 2017.  The result of this is that FRP has one year to elect to have the property sold or to cause a “Conversion”. The “Conversion” assumes a sales value, calculates the distributions under our agreement with MRP and changes the ownership going forward based on MRP’s development incentives. The stabilization and resulting FRP election represent a change in control of the joint venture from MRP to FRP.  Accordingly, under the accounting rules FRP will be considered the primary beneficiary of this joint venture and we will consolidate the results of the joint venture at current fair value in our financial statements effective July 2017. This consolidation will have a material impact on our financial statements. 

Conference Call.  

The Company will host a conference call on Thursday, August 3, 2017 at 2:00 p.m. (EDT).  Analysts, stockholders and other interested parties may access the teleconference live by calling 1-877-804-1916 (pass code 38477) within the United States.  International callers may dial 1-334-323-7224 (pass code 38477).  Computer audio live streaming is available via the Internet through the Company’s website at www.frpholdings.com. You may also click on this link for the live streaming http://stream.conferenceamerica.com/frp080317.  For the archived audio via the Internet, click on the following link http://archive.conferenceamerica.com/archivestream/frp080317.mp3. If using the Company’s website, click on the Investor Relations tab, then select the earnings conference stream.  An audio replay will be available for sixty days following the conference call. To listen to the audio replay, dial toll free 1-877-919-4059, international callers dial 1-334-323-0140.  The passcode of the audio replay is 27374141.  Replay options: “1” begins playback, “4” rewinds 30 seconds, “5” pauses, “6” fast forwards 30 seconds, “0” goes to instructions, and “9” exits recording.  There may be a 30-40 minute delay until the archive is available following the conclusion of the conference call.

Investors are cautioned that any statements in this press release which relate to the future are, by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially from those indicated in such forward-looking statements. These include, but are not limited to, levels of construction activity in the markets served by our mining properties, demand for flexible warehouse/office facilities in the Baltimore-Washington-Northern Virginia area, our ability to obtain zoning and entitlements necessary for property development, the impact of lending and capital market conditions on our liquidity, our ability to finance projects or repay our debt, general real estate investment and development risks, vacancies in our properties, risks associated with developing and managing properties in partnership with others, competition, our ability to renew leases or re-lease spaces as leases expire, illiquidity of real estate investments, bankruptcy or defaults of tenants, the impact of restrictions imposed by our credit facility, the level and volatility of interest rates, environmental liabilities, inflation risks, cybersecurity risks, as well as other risks listed from time to time in our SEC filings, including but not limited to, our annual and quarterly reports.  In addition, if we elect REIT status these risk factors also would include our ability to qualify or to remain qualified as a REIT, our ability to satisfy REIT distribution requirements, the impact of issuing equity, debt or both, and selling assets to satisfy our future distributions required as a REIT or to fund capital expenditures, future growth and expansion initiatives, the impact of the amount and timing of any future distributions, the impact from complying with REIT qualification requirements limiting our flexibility or causing us to forego otherwise attractive opportunities, our lack of experience operating as a REIT, legislative, administrative, regulatory or other actions affecting REITs, including positions taken by the Internal Revenue Service, the possibility that our Board of Directors will unilaterally revoke our REIT election, the possibility that the anticipated benefits of qualifying as a REIT will not be realized, or will not be realized within the expected time period,  We have no obligation to revise or update any forward-looking statements, other than as imposed by law, as a result of future events or new information. Readers are cautioned not to place undue reliance on such forward-looking statements.

FRP Holdings, Inc. is a holding company engaged in the real estate business, namely (i) warehouse/office building ownership, leasing and management, (ii) mining royalty land ownership and leasing and (iii) land acquisition, entitlement and development primarily for future warehouse/office or residential building construction.


FRP HOLDINGS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands except per share amounts)
(Unaudited)
 
    THREE MONTHS ENDED   SIX MONTHS ENDED
    JUNE 30,   JUNE 30,
    2017   2016   2017   2016
Revenues:                                
Rental revenue   $ 6,222       6,082       12,505       12,171  
Mining Royalty and rents     1,809       2,033       3,548       3,789  
Revenue – reimbursements     1,329       1,128       2,629       2,898  
Total Revenues     9,360       9,243       18,682       18,858  
                                 
Cost of operations:                                
Depreciation, depletion and amortization     2,202       2,066       4,261       3,995  
Operating expenses     1,002       974       2,003       2,505  
Environmental remediation expense           2,000             2,000  
Property taxes     1,129       1,128       2,191       2,270  
Management company indirect     475       425       944       921  
Corporate expenses     566       684       1,893       1,692  
Total cost of operations     5,374       7,277       11,292       13,383  
                                 
Total operating profit     3,986       1,966       7,390       5,475  
                                 
Interest income                       1  
Interest expense     (371 )     (392 )     (619 )     (807 )
Equity in loss of joint ventures     (806 )     (186 )     (1,577 )     (272 )
Gain (Loss) on investment land sold           (109 )           (109 )
                                 
Income before income taxes     2,809       1,279       5,194       4,288  
Provision for income taxes     1,096       505       2,038       1,694  
                                 
Net income   $ 1,713       774       3,156       2,594  
                                 
Earnings per common share:                                
Basic   $ 0.17       0.08       0.32       0.26  
Diluted   $ 0.17       0.08       0.32       0.26  
                                 
Number of shares (in thousands) used in computing:                                
-basic earnings per common share     9,965       9,864       9,948       9,858  
-diluted earnings per common share     10,038       9,907       10,019       9,900  


Asset Management Segment:

    Three Months Ended June 30          
(dollars in thousands)   2017   %   2016   %   Change   %  
                           
Rental revenue   $ 6,008       83.5 %   $ 5,952       85.9 %   $ 56       0.9 %
Revenue-reimbursements     1,186       16.5 %     975       14.1 %     211       21.6 %
                                                 
Total revenue     7,194       100.0 %     6,927       100.0 %     267       3.9 %
                                                 
Depreciation, depletion and amortization     2,057       28.6 %     1,985       28.7 %     72       3.6 %
Operating expenses     923       12.8 %     774       11.2 %     149       19.3 %
Property taxes     788       10.9 %     668       9.6 %     120       18.0 %
Management company indirect     192       2.7 %     182       2.6 %     10       5.5 %
Corporate expense     321       4.5 %     354       5.1 %     (33 )     -9.3 %
                                                 
Cost of operations     4,281       59.5 %     3,963       57.2 %     318       8.0 %
                                                 
Operating profit   $ 2,913       40.5 %   $ 2,964       42.8 %   $ (51 )     -1.7 %


Mining Royalty Lands Segment:

    Three Months Ended June 30
(dollars in thousands)   2017   %   2016   %
                 
Mining Royalty and rents   $ 1,809       98.7 %     2,035       98.8 %
Revenue-reimbursements     24       1.3 %     24       1.2 %
                                 
Total revenue     1,833       100.0 %     2,059       100.0 %
                                 
Depreciation, depletion and amortization     35       1.9 %     15       0.7 %
Operating expenses     39       2.1 %     45       2.2 %
Property taxes     58       3.2 %     59       2.9 %
Corporate expense     28       1.5 %     52       2.5 %
                                 
Cost of operations     160       8.7 %     171       8.3 %
                                 
Operating profit   $ 1,673       91.3 %   $ 1,888       91.7 %


Land Development and Construction Segment:

    Three Months Ended June 30  
(dollars in thousands)   2017   2016   Change  
               
Rental revenue   $ 214       130       84    
Royalty and rents           (2 )     2    
Revenue-reimbursements     119       129       (10 )  
                           
Total revenue     333       257       76    
                           
Depreciation, depletion and amortization     110       66       44    
Operating expenses     40       155       (115 )  
Environmental remediation expense           2,000       (2,000 )  
Property taxes     283       401       (118 )  
Management company indirect     283       243       40    
Corporate expense     217       278       (61 )  
                           
Cost of operations     933       3,143       (2,210 )  
                           
Operating loss   $ (600 )     (2,886 )     2,286    


Asset Management Segment:

    Six Months Ended June 30          
(dollars in thousands)   2017   %   2016   %   Change   %  
                           
Rental revenue   $ 12,111       83.6 %   $ 11,910       82.1 %   $ 201       1.7 %
Revenue-reimbursements     2,368       16.4 %     2,591       17.9 %     (223 )     -8.6 %
                                                 
Total revenue     14,479       100.0 %     14,501       100.0 %     (22 )     -0.2 %
                                                 
Depreciation, depletion and amortization     4,022       27.8 %     3,820       26.3 %     202       5.3 %
Operating expenses     1,818       12.6 %     2,204       15.2 %     (386 )     -17.5 %
Property taxes     1,525       10.5 %     1,330       9.2 %     195       14.7 %
Management company indirect     379       2.6 %     406       2.8 %     (27 )     -6.7 %
Corporate expense     1,074       7.4 %     874       6.0 %     200       22.9 %
                                                 
Cost of operations     8,818       60.9 %     8,634       59.5 %     184       2.1 %
                                                 
Operating profit   $ 5,661       39.1 %   $ 5,867       40.5 %   $ (206 )     -3.5 %


Mining Royalty Lands Segment:

    Six Months Ended June 30
(dollars in thousands)   2017   %   2016   %
                 
Mining Royalty and rents   $ 3,548       98.7 %     3,791       98.8 %
Revenue-reimbursements     47       1.3 %     46       1.2 %
                                 
Total revenue     3,595       100.0 %     3,837       100.0 %
                                 
Depreciation, depletion and amortization     74       2.1 %     46       1.2 %
Operating expenses     78       2.2 %     84       2.2 %
Property taxes     117       3.2 %     118       3.1 %
Corporate expense     94       2.6 %     127       3.3 %
                                 
Cost of operations     363       10.1 %     375       9.8 %
                                 
Operating profit   $ 3,232       89.9 %   $ 3,462       90.2 %


Land Development and Construction Segment:

    Six Months Ended June 30  
(dollars in thousands)   2017   2016   Change  
               
Rental revenue   $ 394       261       133    
Royalty and rents           (2 )     2    
Revenue-reimbursements     214       261       (47 )  
                           
Total revenue     608       520       88    
                           
Depreciation, depletion and amortization     165       129       36    
Operating expenses     107       217       (110 )  
Environmental remediation expense           2,000       (2,000 )  
Property taxes     549       822       (273 )  
Management company indirect     565       515       50    
Corporate expense     725       691       34    
                           
Cost of operations     2,111       4,374       (2,263 )  
                           
Operating loss   $ (1,503 )     (3,854 )     2,351    


Non-GAAP Financial Measures.

To supplement the financial results presented in accordance with GAAP, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measure included in this quarterly report are net operating income (NOI). FRP uses these non-GAAP financial measures to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. These measures are not, and should not be viewed as, substitutes for GAAP financial measures.

Net Operating Income Reconciliation
Three months ended 06/30/17 ($ in thousands)
                           
  Asset     Land     Mining       FRP    
  Management     Development     Royalties       Holdings    
  Segment     Segment     Segment       Totals    
                           
Income (loss) from continuing operations 1,552     (853 )   1,014       1,713    
Income Tax Allocation 990     (543 )   649       1,096    
Inc. (loss) from continuing operations before income taxes 2,542     (1,396 )   1,663       2,809    
                           
Less:                          
Lease intangible rents 1                      
Unrealized rents 70                      
                           
Plus:                          
Equity in loss of Joint Venture     796                  
Interest Expense 371                      
Depreciation/Amortization 2,057     110                  
Management Co. Indirect 192     283                  
Allocated Corporate Expenses 321     217                  
                           
Net Operating Income (loss) 5,412     10                  


Net Operating Income Reconciliation
Three months ended 06/30/16 ($ in thousands)
                           
  Asset     Land     Mining       FRP    
  Management     Development     Royalties       Holdings    
  Segment     Segment     Segment       Totals    
                           
Income (loss) from continuing operations 1,556     (1,927 )   1,145       774    
Income Tax Allocation 1,016     (1,259 )   748       505    
Inc. (loss) from continuing operations before income taxes 2,572     (3,186 )   1,893       1,279    
                           
Less:                          
Lease intangible rents 5                      
Plus:                          
Unrealized rents 5                      
Equity in loss of Joint Venture     176                  
Loss on investment land sold     124                  
Interest Expense 392                      
Depreciation/Amortization 1,985     66                  
Management Co. Indirect 182     243                  
Allocated Corporate Expenses 354     278                  
                           
Net Operating Income (loss) 5,485     (2,299 )                


Net Operating Income Reconciliation
Six months ended 06/30/17 ($ in thousands)
                           
  Asset     Land     Mining       FRP    
  Management     Development     Royalties       Holdings    
  Segment     Segment     Segment       Totals    
                           
Income (loss) from continuing operations 3,064     (1,860 )   1,952       3,156    
Income Tax Allocation 1,978     (1,201 )   1,261       2,038    
Inc. (loss) from continuing operations before income taxes 5,042     (3,061 )   3,213       5,194    
                           
Less:                          
Lease intangible rents 4                      
Unrealized rents 31                      
Plus:                          
Equity in loss of Joint Venture     1,558                  
Interest Expense 619                      
Depreciation/Amortization 4,022     165                  
Management Co. Indirect 379     565                  
Allocated Corporate Expenses 1,074     725                  
                           
Net Operating Income (loss) 11,101     (48 )                


Net Operating Income Reconciliation
Six months ended 06/30/16 ($ in thousands)
                           
  Asset     Land     Mining       FRP    
  Management     Development     Royalties       Holdings    
  Segment     Segment     Segment       Totals    
                           
Income (loss) from continuing operations 3,061     (2,558 )   2,091       2,594    
Income Tax Allocation 1,999     (1,669 )   1,364       1,694    
Inc. (loss) from continuing operations before income taxes 5,060     (4,227 )   3,455       4,288    
                           
Less:                          
Lease intangible rents 9                      
Other Income     1                  
Unrealized rents 31                      
Plus:                          
Equity in loss of Joint Venture     251                  
Loss on investment land sold     124                  
Interest Expense 807                      
Depreciation/Amortization 3,820     129                  
Management Co. Indirect 406     515                  
Allocated Corporate Expenses 874     691                  
                           
Net Operating Income (loss) 10,927     (2,518 )                

 

Contact: 	
John D. Milton, Jr.
Chief Financial Officer
904/858-9100